Ghana has recorded over $10 billion in cryptocurrency transactions as of November, reflecting the rapid growth of virtual assets in the country, according to the Securities and Exchange Commission (SEC).

Speaking in an interview on JoyNews' The Pulse on Tuesday, January 30, on the government’s approach to regulating digital assets, Mensah Thompson, Deputy Director-General of the SEC, said the figure includes both inbound and outbound transactions, highlighting Ghana’s significant exposure to cryptocurrencies.

“Last year alone, about $6 billion worth of crypto transactions occurred. This year, as of November, we have crossed $10 billion. This is extremely significant and cannot be ignored,” he said.

President John Dramani Mahama has signed the Virtual Asset Service Providers (VASP) Bill into law, officially bringing Ghana’s digital assets sector, including cryptocurrencies, under a regulated framework. 

Mr Thompson explained that the surge in activity prompted the government to consider the best regulatory approach, weighing a complete ban versus a legal framework to ensure proper oversight and protect financial stability.

“The country is overexposed to crypto assets. Rather than banning them, the government, together with the Bank of Ghana, SEC, and other stakeholders, opted to regulate the space. This allows real-time visibility and ensures that digital assets are used properly,” he added.

The Virtual Asset Bill, which took over a year to develop, was crafted through extensive consultations with stakeholders, including the Bank of Ghana, Financial Intelligence Centre, Cyber Security Authority, Ministry of Finance, and Ghana Revenue Authority, he said.

“This is one of the most consultative bills the government has ever passed. Stakeholders helped us identify and close loopholes in the virtual asset space,” he added.

The law aims to legalise cryptocurrency usage, create a regulatory framework to guide operations, and safeguard Ghana’s financial system while supporting innovation in the rapidly growing digital finance sector.

“We want to ensure that crypto activities in Ghana are done safely, transparently, and in a way that does not compromise financial stability,” he noted.